Business

H1 2025: FCMB group profit before tax up 23% Year-on-Year

Published

10 months ago

August 1, 2025

FCMB Group Plc (“FCMB Group”) has announced its unaudited financial results for the six months ended June 30, 2025.

The Group reported a ₦79.3 billion profit before tax (PBT), representing a 23% year-on-year increase, driven primarily by improved net interest income and asset yields.

Gross revenue for the period rose to ₦529.2 billion, reflecting a 41.3 per cent year-on-year increase from ₦374.5 billion recorded in the first half of 2024, supported mainly by a 70.3 per cent growth in interest income.

However, non-interest income declined by 35.1 per cent due to a ₦36.6 billion drop in currency revaluation gains compared to last year.

Net interest income almost doubled, rising from ₦106.2 billion in the previous year to ₦207.4 billion by June 2025.

The yield on earning assets improved to 20.2 per cent, leading to a net interest margin of 9.1 per cent, up from 6.3per cent in the 2024 financial year.

The Group’s digital business—payments, lending, and wealth services—grew strongly. Digital revenues increased by 60 per cent year-on-year, rising from ₦46 billion in June 2024 to ₦73.6 billion in June 2025.

Digital services now account for 13.9% per cent of total earnings.

Operating expenses rose by 46.1 per cent to ₦153.2 billion.

The increase was due to higher personnel costs, regulatory expenses, technology costs, and general inflationary pressures.

Despite this, cost-to-income ratio improved to 57 per cent at the end of June 2025, compared to 59.9 per cent recorded at the end of 2024.

Net impairment losses on financial assets grew significantly to ₦36.2 billion on a quarterly basis, following FCMB Group’s banking subsidiary exit from the Central Bank of Nigeria’s loan forbearance programme.

This led to a rise in the cost of risk to 2.8 per cent, up from 1.8 per cent in the 2024 financial year.
After tax, profit increased by 23 per cent year-on-year, closing at ₦73.4 billion.

Each business division contributed to overall performance. Consumer Finance reported a profit before tax growth of 54.5 per cent, Banking Group reported a profit before tax growth of 41.3 per cent, and Investment Management recorded a 10 per cent growth.

Investment Banking recorded a 48.9 per cent decline due to an exceptional one-time gain from a divestment in the previous year.

In terms of contribution to Group’s PBT, the Banking Group accounted for 82 per cent, Consumer Finance for 11.6 per cent, Investment Management for 4.8 per cent, and Investment Banking for 1.4 per cent.

The Group’s balance sheet also showed improvement. Total assets increased by 6.9 per cent to ₦7.54 trillion, up from ₦7.05 trillion as of December 2024.

Loans and advances grew modestly by 1.1 per cent to ₦2.38 trillion, impacted by currency revaluation, loan write-offs and concentrated paydowns, while customer deposits rose by 5.6 per cent to ₦4.55 trillion.

This growth was supported by a stronger mix of low-cost deposits, which now account for 69.3 per cent of total deposits, up from 57.5 per cent at year-end 2024.

Assets under management increased by 15.5 per cent, reaching ₦1.58 trillion, compared to ₦1.37 trillion in December 2024.

FCMB’s investment banking business, which includes advisory services and capital market transactions, recorded a significant increase in capital raised for its clients —growing by over 600 per cent year-on-year to ₦2.97 trillion.

The Group also reported improved balance sheet efficiency. A more favourable deposit mix and better deployment of recently raised capital helped reduce funding costs for the second consecutive quarter.

As a result, the net interest margin rose from 7.9 per cent in the first quarter to 10.1 per cent in the second quarter of 2025, contributing to the 9.1 per cent margin for the half-year. Management expressed confidence in sustaining this trend and exceeding its full-year NIM guidance.

Following its ₦144.6 billion public capital raise in 2024, FCMB confirmed that the Central Bank of Nigeria has completed verification of the second phase of the programme—a ₦22.5 billion mandatory convertible note expected to increase the number of issued shares to approximately 42.8 billion.

Subsequent phases of the capital programme are ongoing and aim to ensure First City Monument Bank meets the new minimum capital requirement to retain its international banking license.

FCMB Group remains focused on improving operational efficiency, expanding its digital and retail business, and continuing its strong earnings momentum through the second half of the year.

Business

Fuel may hit N2000/litre. Subsidize crude feedstock now – TUC tells FG

Published

1 month ago

April 10, 2026

Ekwutos Blog

The Trade Union of Nigeria, TUC, has raised the alarm that the price of Premium Motor Spirit aka Petrol may climb to about N2,000 per litre if urgent measures are not taken to cushion the impact of rising global crude prices and the depreciating naira.

Speaking to newsmen on Thursday, April 9, the president of the TUC, Festus Osifo, called on the Federal Government to immediately deploy 60 percent of excess crude oil revenue above the 2026 budget benchmark to subsidise crude feedstock supplies to the Dangote Refinery and other modular refineries, a move it says will slash pump prices of petrol, diesel, and jet fuel within two weeks

“Today, comrades, we are seeing that the cost of petrol is edging towards N2,000 per litre depending on the part of the country that you are. Nigerian workers are already passing through excruciating pain as we speak.

The same way it is affecting transportation, it is also affecting manufacturing. The cost of diesel has also gone northward, meaning that the cost of production has increased. When production costs rise, the final price of goods on the shelves will also skyrocket.

If this continues unchecked, the inflation that we are currently celebrating as going downwards will reverse and start moving up again,” he stated.

Osifo outlined the proposal as an urgent intervention to cushion Nigerian workers from excruciating pain caused by petrol prices edging towards ₦2,000 per litre in some parts of the country

Business

Fuel price hike: Gov Makinde announces N10,000 transport support for workers

Published

2 months ago

March 23, 2026

Ekwutos Blog

The governor of Oyo state, Seyi Makinde, has approved a N10,000 transportation allowance as a palliative for the state workforce to cushion the effects of the increase in the pump price of Premium Motor Spirit, otherwise known as petrol.

The Chairman of the Nigeria Labour Congress (NLC), Oyo State chapter, Kayode Martins, in a statement released on Monday, March 23, disclosed that the governor has granted the request of the union on the issue of transportation allowance.

The statement read

“Following the intervention and formal request made by the State Council of the Nigeria Labour Congress (NLC) earlier this morning, the state government has approved a N10,000 transportation allowance for all workers in the state.

The newly approved allowance is set to take effect from April 2026, providing much-needed relief to workers grappling with rising transportation costs amid current economic challenges.

This development comes as a direct response to sustained advocacy by the state NLC, aimed at cushioning the impact of increased living expenses on the workforce.

Further details on implementation are expected to be communicated by the relevant government authorities in due course.”

Business

CBN Releases New Age Limit, Guidelines On BVN Operation.

Published

2 months ago

March 13, 2026

Ekwutos Blog

The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.

According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.

The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.

“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.

The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.

The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.

“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.

The apex bank stated that access to BVN databases will remain tightly controlled.

“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.

“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.

Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.

The new policy, as stated by the CBN, takes effect from May 1, 2026.